Barriers to Banking: A Mixed‐Methods Investigation of Previously Incarcerated Individuals' Banking Perceptions and Financial Knowledge

Katherine S. Mielitz, Joy Clady, Meghaan Lurtz and Kristy Archuleta

Journal of Consumer Affairs, 2019, vol. 53, issue 4, 1748-1774

Abstract: Minimal research currently exists on the financial aspects, including financial knowledge and capability, that impact previously incarcerated individuals. However, the reality is that many currently and previously incarcerated individuals have never interacted with financial services and, if they have, they had limited exposure. The focus of the current research study was to examine previously incarcerated individuals' banking perceptions, banking behaviors, and financial knowledge by employing a mixed methodology using a sequential explanatory design. Across case analyses discovered three themes of (a) barriers to banking, (b) prudency of banking, and (c) confidence versus trepidation. The findings in this study provide implications for financial institutions and policymakers and suggested solutions are addressed.

Date: 2019
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